ECON 208 Chapter Notes - Chapter 5: Price Floor, Shortage, Competitive Equilibrium
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ECON 208 Full Course Notes
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If the qd is less than qs, demand will determine the amount actually exchanged. If the qd exceeds qs, supply will determine the amount actually exchanged. In disequilibrium, the quantity exchanged is determined by the lesser of quantity demanded and quantity supplied. Thus, less need for further employers: less sick days of: because the opportunity cost is higher, a black market is any market in which goods are sold at illegal prices. Hiring people for cash at less than minimum wage is an example of a black market. In production by quotas: higher prices via. Scalping (not illegal in canada but illegal in some countries) 5. 2 rent controls: a case study of price ceilings. You purchase, and it gives you services for a: illegal schemes like key money , poor upkeep bribe those who, discrimination (seller preferences) race, gender, religion, pet, scanning death" notices to jump the queue". It is difficult to abolish rent controls (politically).